Which of the following statements about Social Security is FALSE?
A) Social Security is an intergenerational transfer where the benefits paid are only roughly related to past earnings.
B) Over 90 percent of all employed workers in the United States are covered by Social Security.
C) Benefit payments under Social Security are based on the recipient's need.
D) Benefit payments under Social Security redistribute income from young to old.
C
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________ is the study of how individuals, households, governments, and firms make choices and how those choices affect prices, the allocation of resources, and the well-being of other agents
A) Macroeconomics B) Monetary economics C) Microeconomics D) Growth theory
Hillary and Bill are playing backgammon. Hillary offers to place a wager on the game's outcome at fair odds. Bill is risk-averse and believes that he has a 60% chance of winning the game. When will Bill accept the wager?
a. Always. b. When the wager is sufficiently small. c. When the wager is sufficiently large. d. Never.
All of the following are true about the basic money supply except:
A. It includes credit card balances. B. It includes currency held by the public. C. It includes money kept in transactions accounts. D. It is known as M1.
Suppose that the Home country in the twosector (manufacturing and agriculture) specificfactors model has a comparative advantage in manufacturing output. What will happen to the amount of land used in producing agricultural output when trade occurs?
a. It will fall. b. It will rise. c. It will not change. d. It will first fall, then rise.